The Value of houses in New york are as follows (as a sample) Value of Houses ($) Number of Houses 500 5 2000 10 3500 12 5000 18 6000 20 Briefly explain the data characteristics on the basis of mean, median
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The Value of houses in New york are as follows (as a sample)
|
Value of Houses ($) |
Number of Houses |
|
500 |
5 |
|
2000 |
10 |
|
3500 |
12 |
|
5000 |
18 |
|
6000 |
20 |
Briefly explain the data characteristics on the basis of mean, median
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